Regulating Islamic financial transactions

From Aawsat.com: For over 30 years, Islamic banking has been operating in the Arab world without being recognized by the Shariaa [regulatory] or supervisory bodies. What is meant by recognition here is operating under legislation, rules, and regulations that are commensurate with the nature of the Islamic banking industry.
The Islamic banking industry’s chances of competing fairly [with conventional banks] are small, as it operates under the umbrella of conventional banking laws, and due to the completely disparate nature of the two industries……………………………………….Full Article: Source